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Incorrect ISA advice given by bank.
Comments
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Normally, you do not need to do anything with ISAs after putting them in there. However, a fixed term deposit does need something to be done on maturity.I disagree on that. Whilst it is desirable due to bonus rates etc, technically, you need not do anything.
What you need to do and what you should do are two different things. The OP is complaining about what you need to do. Not what you should do.
I appreciate that you are trying to say that there is nothing you need to do to ensure "durability" of a cash ISA after you opened it. However, you are being let down by your own logic. There is nothing that you "need" to do on maturity of a fixed term deposit either. The ISA provider will do "the necessary" for you, which might include moving (/transferring) the balance to a mediocre ISA with a different name.Normally, you do not need to do anything with ISAs after putting them in there. However, a fixed term deposit does need something to be done on maturity.
I took "need to" to mean that the account holder needs to stay on top of their finances.0 -
I hate to agree partly with Dunstonh because he let me down in the past but -
You shouldnt hate to agree with me. I still think you got lucky and nothing wrong was done. The claims company you used has recently been in the media for the wrong reasons and is known to put in dodgy complaints with fake reasons in the hope the firms dont have the records to be able to deal with it. The rate of success on complaints like yours is 1.5%. So, telling you that the odds of success on a complaint were low and that using the FSAs own flowchart showed you were within the normal accepted age range doesnt make what i said wrong.
You are pleased as you got lucky. It was luck. You shouldnt kid yourself otherwise. It doesnt mean what you were told here was wrong. Be happy that you somehow found yourself in that 1.5% that gets success.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
So you were on a rate with a 12 month bonus. Eleven months on you topped up. You were still in receipt of that bonus, on the original deposit and the new deposit.In May 2011 I had built up some savings whichI thought would be better off in an ISA so I opened one with the Bank ofScotland and utilised my full ISA allowance straightaway. The following April(2012), the interest earned was added into the account and I went into my localbranch to query if I need to do anything with the ISA. I was informed that I didn’t have to doanything with the ISA (switch products, review rate, etc) and I could add in mynew allowance for the year.
No interest? Don't believe you. Exceptionally low interest perhaps, but not none at all.So to the present and another year has passed but I noticethat no interest earned has been added into the account.
If you were receiving a rate of, say 3% including bonus, in April 2012 and the alternative was to switch to a rate of 2.5% would they be wrong to say stick with what you've got for now?I’m pretty miffed with this asI have effective lost a year’s interest on 2 years ISA allowance due toincorrect information the bank’s employees have told me.
Your big mistake was not making yourself familiar with the product you bought. While rates may be different now it won't have been significantly different to this:
http://www.bankofscotland.co.uk/isas/cash-isas/access-cash-isa/
It's not excessively complex. But the expiry of the bonus is worth diarising for clear action.0 -
You asked in a branch? Whose side do you think they're on?and I went into my localbranch to query if I need to do anything with the ISA.
Like going in Tesco and asking if their muesli tastes like gravel."It will take, five, 10, 15 years to get back to where we need to be. But it's no longer the individual banks that are in the wrong, it's the banking industry as a whole." - Steven Cooper, head of personal and business banking at Barclays, talking to Martin Lewis0 -
@kungfuman - What is the name of your BoS ISA? I think you'll find that the interest rate on their variable rate product drops to 0.5% after one year. So it's unlikely that you received no interest. £11,000 x 0.5% should have given £55 in interest. No bank is ever going to suggest that you move to a competitor, but they should have suggested a better product from their own range.0
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title says it all " advice given by bank."
1 banks no longer give advice
2 advice now has to be paid for
end of argument0 -
Lokolo, my decision not to do anything was based on the advice the bank provided me. If I knew I had to move it to restart another fixed rate period, then I would of. I did make it clear at the time I would be using my next years allowance as soon as I can. I don't expect the bank to 'hold my hand' but I do expect them to be knowledgeable about the products and services they have offered to me.
You don't HAVE to restart another fixed rate period! There are many things you can do.
You can move it elsewhere, you can reinvest in another fixed rate, and funnily enough you can leave it where it is and do nothing. This is what you asked, whether you HAD to do something with it. The answer is plain and simple, you don't.
As I said, the bank have done nothing wrong.0 -
If they know what the question means and they deliberately put a different construction on it, that's dishonest.This is what you asked, whether you HAD to do something with it. The answer is plain and simple, you don't.
As I said, the bank have done nothing wrong."It will take, five, 10, 15 years to get back to where we need to be. But it's no longer the individual banks that are in the wrong, it's the banking industry as a whole." - Steven Cooper, head of personal and business banking at Barclays, talking to Martin Lewis0 -
Dunshtonh, I checked when I won compensation. I asked the provider why they compensated me because again I was concerned they made a mistake after reading your comments about age's etc and I expected them to take the money back. Verbally they told me the adviser hadn't explained the product fully and that the evidence documented wasn't good enough. They said age and income has no bearing. They explained they were aware of the FSA report but that only applies to a small amount of people - they said the claims were settled not because it was cheaper to settle as in their eyes that was nonsense but because the advice wasn't backed up and wasn't seen as best advice.
Also, I asked the advisers about the media comments you refer about 1 month ago when I saw your comment and link about it. They said it was sour grapes that they are successful. They checked my file and then asked me if I had any concerns about anything they have done for me and I said absolutely not, they said well neither have the other 3000 clients they have had over the last 7 years!
They do appear to know a lot about you though which I thought was funny.
H0
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